Quantcast
Channel: Top Stories Archives - Shipping Herald
Viewing all articles
Browse latest Browse all 1299

ZIM posts “outstanding performance” in 2024

$
0
0

ZIM Integrated Shipping Services, a global container liner shipping company, announced its consolidated results for the three and twelve months ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

  • Net income for the fourth quarter was $563 million (compared to a net loss of $147 million in the fourth quarter of 2023), or diluted earnings per share of $4.664 (compared to diluted loss per share of $1.23 in the fourth quarter of 2023); net profit for the full year was $2.15 billion (compared to a loss of $2.69 billion for the full year of 2023; net loss for the full year of 2023 was primarily driven by a non-cash impairment charge of $2.06 billion).
  • Adjusted EBITDA for the fourth quarter was $967 million, a year-over-year increase of 409%; Adjusted EBITDA for the full year was $3.69 billion, a year-over-year increase of 252%.
  • Operating income (EBIT) for the fourth quarter was $658 million, compared to operating loss of $54 million in the fourth quarter of 2023. Operating income for the full year of 2024 was $2.53 billion, compared to operating loss of $2.51 billion for the full year of 2023.
  • Adjusted EBIT for the fourth quarter was $658 million, compared to Adjusted EBIT loss of $49 million in the fourth quarter of 2023. Adjusted EBIT for the full year of 2024 was $2.55 billion, compared to Adjusted EBIT loss of $422 million for the full year of 2023.
  • Revenues for the fourth quarter were $2.17 billion, a year-over-year increase of 80%; revenues for the full year were $8.43 billion, a year-over-year increase of 63%.
  • Carried volume in the fourth quarter was 982 thousand TEUs, a year-over-year increase of 25%; carried volume in the full year was 3,751 thousand TEUs, a year-over-year increase of 14%.
  • Average freight rate per TEU in the fourth quarter was $1,886, a year-over-year increase of 71%; average freight rate per TEU in the full year was $1,888, a year-over-year increase of 57%.
  • Net leverage ratio1 of 0.8x at December 31, 2024, compared to 2.2x as of December 31, 2023; net debt1 of $2.88 billion as of December 31, 2024, compared to net debt of $2.31 billion as of December 31, 2023.

Eli Glickman, ZIM President & CEO, stated, “We are pleased and proud with the Company’s outstanding performance in 2024, during which we delivered record carried volume as well as exceptional profitability. Based on our continued progress upscaling our capacity and optimizing our cost structure, we reported our best results ever, excluding the extraordinary COVID period. Consistent with our commitment to returning capital to shareholders, the dividend declared today, together with the dividends distributed during 2024, total $7.98 per share, or $961 million, representing approximately 45% of our full year net income.”

Mr. Glickman added, “The benefits of our fleet transformation were evident throughout 2024 and reflected in our strong financial results, as well as volume growth that far outpaced the overall market. With larger vessels well-poised to meet emissions reduction targets and tailored to the trades in which we operate, we increased carried volumes 14% year-over-year, compared to average market growth of approximately 6%, while delivering superior margins. Driving our market share gains was the new capacity deployed on the Asia to U.S. East Coast trade, the successful expedited services to the U.S. West Coast, and our expanded presence in Latin America.”

Mr. Glickman concluded, “We enter 2025 with a more resilient business and modern cost- and fuel-efficient capacity, 40% of which is LNG-fueled. While acknowledging that our industry is highly volatile, exacerbated by current uncertainty related to geopolitics, international political dynamics and economic, fiscal and monetary policies, we are confident in our agile approach and competitive position in the industry. Our 2025 outlook of Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million assumes trade conditions in the Red Sea will not normalize until the second half of the year at the earliest.”

The post ZIM posts “outstanding performance” in 2024 appeared first on Shipping Herald.


Viewing all articles
Browse latest Browse all 1299

Trending Articles